Banks cut middle managers in European research overhaul

City analyst numbers have not fallen as much as expected since Mifid II — but the make-up of teams is changing at the big banks

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By

Paul Clarke

August 21, 2019 1:01 am GMT

London’s investment banks are putting their trust in old heads and young shoulders in the battle to provide fund managers with stock-market research worth paying for.

European Union trading rules forcing banks to charge clients separately for research, which came into force in January 2018, were predicted to lead to a vast reduction in the number of analysts working in UK finance, as more-discerning buyers constrained revenues.